The Third Money Laundering Directive

Read the 3rd Money Laundering Directive.

Diana Wallis is the Draftsperson of an Opinion for the Legal Affairs Committee on the proposed Third Money Laundering Directive. The draft opinion was discussed within the JURI Committee on 20 January 2005. Although Diana Wallis acknowledges the need to strengthen EU legislation in respect of financing of terrorist activities and to respond to the latest recommendations of the OECD-based Financial Action Task Force, she expresses her concerns at proceeding before the second directive's impact has been assessed. She fears the obligations the draft Directive imposes on lawyers could breach the fundamental principle of lawyer-client confidentiality. She also feels that the proposed definition of serious of crimes is unworkable on an EU-wide basis. Finally, she has doubts regarding the "extraordinarily wide remit" of the implementing Committee which would be chaired by the Commission.

The Commission's proposal aims to amend and consolidate the previous two money laundering directives. Co decision procedure applies, which means that the proposal will have to be endorsed by the European Parliament and the Council of Ministers. While the key player will be the Civil Liberties Committee, the opinion of the Legal Affairs Committee will carry considerable weight given its obvious interest in this area.

See Diana Wallis' draft opinion.

Timetable:

• 30 June 2004: Commission's proposal

• 20 January 2005: presentation of draft opinion to the JURI Committee

• 3 February 2005: consideration of amendments within the JURI Committee.

• 7 March 2005: adoption of the Legal Affairs opinion

• 26 April 2005: adoption of the Civil Liberties Committee report

• 26 May 2005: adoption in Plenary session

Documents

• Commission's proposal [COM (2004) 0448].

• Diana Wallis' draft opinion (10 January 2005).

• Amendments 18-83 (26 January 2005).

• Adopted opinion (8 March 2005).

• Adopted report (26 May 2005).